There are issues around Microsoft FAT patent are reported here 

http://www.groklaw.net/articlebasic.php?story=20090226070041454

If this patent is challenged successfully then FAT will be around for a while.

However, it would be good to have a clear open source and standard file system 
for hot plug devices which could be used by all vendors and OS suppliers to 
provide a common means of transferring large volumes of data. If something is 
not happen then will NTFS become the next de facto standard replacing FAT.
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